I often get asked, "what's the market like right now?" Well, this is really a complex question, with such variables as area, price point, home type, and many others coming into play.
But most people are just asking, in general, is it a buyers market, or a sellers market? The answer to the more general question, at least in Winnipeg right now, is that it's a buyers market. What causes this? Again, there can be several factors at play. Some of them MAY be (and it is certainly not limited to these):
Seasonal. If you buy a home now, you may be looking at a deep winter move. Not the most inviting prospect in this climate.
Inventory. There may be a lot of inventory "on the shelves" right now. When you give people more choice, they take more time to make that choice.
Mortgage rates. Rates have not risen by as much, as quickly, as some people expected. This is always a good thing for buyers.
Pricing strategy. Some sellers might still think it's a sellers market, and are pricing their homes just a little too high, this means they sit on the market longer, which can give buyers a stronger position in negotiations because sellers need to move their home.
So what does this mean for each side of the equation? Well, for buyers my advice would be, if you are thinking about buying any time within the next 6 months, now would be a great time to get started. Go to the bank, see what you can afford, and get out there. You are much more likely to save money, by not being in competition for your home. If you wait even a few months, it's a whole new market again, and who knows what that will mean. (I wish I could see the future and tell you, but I can't. All I can say is that spring is TYPICALLY a much busier market).
For sellers, obviously the advice would be different. If you are thinking about selling, but can afford to wait, it might be worth your time to hold on for a few months and see what the spring brings. Unless the economy crashes, home prices are still doing well, waiting likely won't hurt you. But, if you are in a position that you "have" to sell now, prices can still be strong, but you'll have to be much more careful in your pricing plan, and maybe a little more patient in selling time. A home that is priced well will still sell, but the days of multiple offers, and huge over bids, are, at least for now, not the norm.
If you have any questions, as always, I would be happy to help you, no matter what side of the coin you are currently sitting on. Call, or email, anytime: 204-990-3467, firstname.lastname@example.org.